Adherence packaging provides an easy and organized way for patients to sort and take medications at the right time and dose. These packaging formats clearly label each dose and day, helping patients understand which pills to take and when. Several formats are available, including blister packs, strip packs, pocket packs, and more. Adherence packaging has gained immense popularity for conditions requiring complex medication regimes involving multiple drugs.
The global Adherence Packaging Market is estimated to be valued at US$ 993.89 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the adherence packaging market is the emergence of smart and digital adherence packaging formats. These advanced adherence packs incorporate technologies like QR codes, RFID tags, sensors, and smart labels that can monitor medication schedules in real-time and alert caregivers if doses are missed. Data collected from digital packs regarding medication schedules, dosing patterns, and alerts can provide valuable insights to healthcare providers for improved chronic disease management. Manufacturers are increasingly focusing on developing digital adherence solutions to address challenges associated with traditional adherence packaging formats and boost patient compliance in chronic conditions like diabetes, hypertension, and COPD.
Porter’s Analysis
Threat of new entrants: Adherence packaging requires high level of automation and investments to establish the packaging solution lines. The threat of new players entering is relatively moderate.
Bargaining power of buyers: The bargaining power of buyers is moderate as adherence packaging is crucial for pharma companies to ensure medication adherence. Buyers can negotiate on pricing and packaging requirements.
Bargaining power of suppliers: The packaging material suppliers have moderate bargaining power given the specialized nature of packaging solutions required. Suppliers differentiate based on automation solutions and contract terms.
Threat of new substitutes: There are limited substitutes for adherence packaging as it directly addresses medication adherence which is critical for chronic ailments. Potential substitutes include pill organizers and mobile apps to some extent.
Competitive rivalry: The competition is intense among existing players like Westrock Company, Keystone Folding Box Co and others given the market potential. Players differentiate based on efficient automation, multi-dose packaging formats and client servicing.
Key Takeaways
The Global Adherence Packaging Market Size is expected to witness high growth over the forecast period supported by the growing aging population requiring complex medication schedules. The global Adherence Packaging Market is estimated to be valued at US$ 993.89 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
North America currently dominates the market due to high acceptance and healthcare expenditures on chronic ailments. The demand is further anticipated to increase with the rise in non-communicable diseases and multi-drug regimens. Europe is anticipated to exhibit strong growth led by countries like Germany and UK with proactive government interventions for medication adherence. The Asia Pacific region will emerge as the fastest growing market with double digit CAGR led by enhancing healthcare infrastructure, large patient base and growing medical tourism in countries such as China, India and Japan.
Key players: Key players operating in the adherence packaging market are Westrock Company, Keystone Folding Box Co, Cardinal Health Inc, Omnicell Inc., Jones Healthcare Group, Drug Package LLC, Manrex Limited, Medicine-on-time LLC, and Rx Systems Inc. Major players compete based on product innovations, automation integration and client partnerships to strengthen foothold. mergers and acquisitions are also witnessed allowing players to expand service offerings and geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it